Orbimed Advisors Llc Purchases 496,771 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Orbimed Advisors Llc bought 496,771 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, April 3rd. The shares were acquired at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the acquisition, the director now directly owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This represents a 3.47 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Edgewise Therapeutics Price Performance

Shares of EWTX opened at $11.51 on Friday. The stock has a market capitalization of $1.10 billion, a PE ratio of -7.67 and a beta of 0.22. The business’s fifty day moving average price is $25.20 and its 200 day moving average price is $28.41. Edgewise Therapeutics, Inc. has a 12-month low of $11.50 and a 12-month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). As a group, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

EWTX has been the subject of several analyst reports. Evercore ISI upped their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Stifel Nicolaus started coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Royal Bank of Canada reduced their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday. Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $50.00 to $14.00 in a research note on Wednesday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $40.38.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of EWTX. Glenmede Trust Co. NA acquired a new stake in shares of Edgewise Therapeutics during the 3rd quarter worth approximately $483,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Edgewise Therapeutics by 5.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock worth $2,250,000 after buying an additional 4,426 shares during the last quarter. Janus Henderson Group PLC increased its position in Edgewise Therapeutics by 74.8% in the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after buying an additional 1,951,220 shares during the period. State Street Corp lifted its stake in Edgewise Therapeutics by 1.2% in the third quarter. State Street Corp now owns 1,685,115 shares of the company’s stock valued at $44,976,000 after buying an additional 20,020 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Edgewise Therapeutics during the third quarter valued at $755,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.